The stock market right now is split. There’s the artificial intelligence market, which consists of the companies developing AI applications and helping others create them. And there’s the market that consists of everything else. While we’re thrilled to see so many of our tech names working and do believe in the benefits of AI, the speed of these moves —and perhaps more importantly, the concentration of investors in these handful of mega-cap names — has us a bit on edge. Big tech took a breather on Tuesday. Microsoft (MSFT) shares fell nearly 2% after hitting their highest level since January 2022. Alphabet (GOOGL) gave up about 2%, while Meta Platforms (META) was down slightly, after both hit 52-week highs on Monday. Advanced Micro Devices (AMD), meanwhile, rose slightly to reach its highest price since April 2022. With these stocks trading at or near yearly highs, why aren’t we taking some profits? Jim Cramer on Tuesday’s Homestretch questioned whether we’re setting a bad example by not trimming some, especially in Apple (AAPL), which has about a 5.8% weighting in the portfolio and is up 33% this year. We love Apple. But we don’t want to be the Apple portfolio. Any trim would simply be about keeping the position from mattering too much. And right now, a handful of tech names matter a lot. Just compare the performance of the S & P 500, weighted by market value, with the equal-weighted S & P 500 index, which assigns equal weights to all of its companies. The former is up 10% this year, while the latter has gained only 1%. The difference comes down to the largest constituents more greatly influence the market-cap weighted version and those names have had a phenomenal start to the year. Check out the year-to-date performance of the top 10 names in the S & P 500 (only nine are listed below since we combined Alphabet’s Class A and Class C shares). Stocks held in Jim Cramer’s Charitable Trust, the portfolio we use for the Club, are bolded. 1. Apple: 7.4%…
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